Q:
Hi Dr. M,
I was a student of yours. I am seriously considering starting
another practice with a partner and would like advice on setting up
contracts, structure, and exit options. Do you have any
recommendations or could you refer me to someone who may?
Most chiros I have talked to discourage the idea. However, I think
the benefits are very strong in this situation. What is you opinion?
Looking forward to hearing from you
A:
Thanks for your e-mail. Partnerships fall under the category of don't mix pleasure with
business. Yes .. if the partners are honest with each other and work equitably the situation
can have merit but as experience has proven with others before you it could also be a
problem. Therefore .. before you do anything you must agree to have an attorney
(corporate attorney) create a partnership agreement concerning all the usual and special
interests involved. You will need a CPA and the lawyer discuss tax and liability issues. It
could work out but even the best of times can deteriorate. Therefore a handshake will not
do. This of it as a prenuptial.